Digital asset custody provider Copper said its Swiss unit received approval to join the country's Financial Services Standard Association, a self-regulatory organization recognized by the Swiss regulator, the Financial Market Supervisory Authority (FINMA).
The association, known by its German initials VQF, gives a stamp of approval to the London-based company's compliance with Switzerland's anti-money laundering laws, it said by email on Monday. Membership of VQF gives Copper the necessary approvals to operate the unit, a spokesperson for the company said.
The recognition contrasts with the company's experience in London, where it remains under the Financial Conduct Authority's temporary registration regime. It is one of five companies still operating under the scheme, which was set up to allow companies without full authorization to continue to operate in the country.
"Switzerland, as a pioneer location for digital assets, provides an ideal foothold from which to grow our mainland European presence," Copper CEO Dmitry Tokarev said in the email.
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